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Thursday, August 30, 2018 2:19:46 PM
Disclosure of the Dealings Between Drug Developing Companies and the FDA Under the Federal Securities Laws
https://webcache.googleusercontent.com/search?q=cache:heh3utYsWVcJ:https://dash.harvard.edu/bitstream/handle/1/8852181/Heinonen.rtf%3Fsequence%3D3+&cd=1&hl=en&ct=clnk&gl=us
Secondly, certain material events or developments need to be published at the time they occur or immediately thereafter or, alternatively, the company and its insiders must abstain from dealing with the securities issued by the company. This “disclose or abstain” rule thus enables the companies to withhold material information from markets for significant periods of time (even months) subject to the prohibition on the company and its officers trading with the securities in question.
I found the above quote of interest since I've never seen any discussion on the term "disclose or abstain".
At least four different kind of scenarios, where the company (issuer of the securities) must disclose all material information, may be identified: i) when the company or the insiders are selling the securities of the company (offering), ii) when the company is making periodic filings (quarterly, yearly), iii) when proxy statements are disclosed18 and iv) when a previously announced information must be corrected (or updated)19. What, then, is the information material enough to affect the valuation and therefore putting the company under the obligation to disclose? When is the information deemed to have reached a level of certainty (for example relating to drug development process) making it ripe enough to be released? These are some of the issues this paper covers after the general securities law stipulations relating to disclosure, and new drug approval framework, have been discussed.20
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